There are many cryptocurrencies like Ethereum and Bitcoin that leave your transaction details flapping in the breeze. That is, anyone can look up your wallet address and can easily track your transactions and payment history. Nowadays, people want to protect their privacy online, especially when it is related to financial things. And, privacy coins are one such form of cryptocurrency that protects the user’s identity. Moreover, all privacy coins are a great source for tax avoidance because authorities cannot see how much money you’re storing or where you’re storing it.
What Exactly Is The Privacy Coin?It is a cryptocurrency that hides data about its users, basically, the identity of the user along with the amount of cryptocurrency traded and held in wallets.
So, here are the top 10 Privacy Coins in 2019:
Monero (XMR)Monero is the most popular in the privacy coins list. It gives owners the power to have complete control over their data and their anonymity. This completely untraceable privacy coin has a really strong brand and a better marketing team compared to other privacy coins. It deploys unique technology with an ability to make it transparent if you want optionally. It’s relatively stable and strong – even when the crypto market occasionally takes a hit. It is dynamically scalable and offers a wider reach for day to day transactions
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Zcash (ZEC)Though not so popular, Zcash is a strong contender for one of the best privacy coins 2019. A relatively untested and new to the industry, it uses a unique system called zk-snark. If ethics and the murky reputation of privacy coins are what you are looking for, then Zcash is a good option. Thanks to its strong brand awareness, Zcash has now started working with companies like JPMorgan Chase, one of the biggest banks in the world. This privacy coin is difficult to trace and strong in terms of privacy cryptography. Furthermore, the crypto company donates one percent of its ‘Founder’s Reward Tax’ to non-profit charities.
DASH (DASH)Dash was founded back in 2014; it is one of best privacy coins as well as quite different from the previously mentioned cryptocurrencies. It is based on the Bitcoin protocol and has the main features in the privacy protection system called - Private Send which is the extended version of CoinJoin. PrivateSend transactions allow three users to pre-mix their coins into a single transaction, then distributes coins to new addresses; however in a random order. The transactions go through a series of PrivateSend operations, ensures the anonymity of the transactions.
PIVX (PIVX)Private Instant Verified Transaction (PIVX) is another open source privacy coin that has achieved immense popularity in crypto market space. With a lot of growth potential, it is yet to hit the top 50 ‘most traded’ privacy coins list. Pivx is a hardfork of Dash that aims to develop some better features for its platform. It has a strong following and community; this crypto coin is not popular yet in comparison to other top privacy coins like Monero or DASH.
Verge (XVG)After being backed by John Mcafee, Verge has skyrocketed and tipped for big things but has also crashed dramatically. The credit for its fame goes to influencers in cryptocurrency – like Mcafee – who promoted Verge as a promising privacy coin future. As it comes with open-source software, so followers of Verge can input into future decisions and developments of the technology. This ‘well recognize’ cryptocurrency uses an innovative Wraith Protocol technology – that allows users to switch between private and public transactions.
Cryptocurrencies are volatile investments, and privacy coins are a great way to protect your identity online. So, if you are planning to invest in any of the above picks for the top privacy coins in 2019, then first do your own research and then take the best decision for yourself.
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